France wants to 'broaden' IMF finance role

PARIS - FRANCE wants to broaden the International Monetary Fund's role in world finance, French President Nicolas Sarkozy said on Monday in a speech on his leadership of the G-20 group of economic powers. 'We propose to the G-20 to develop a code of conduct for managing capital flows and ultimately France's conviction is that a reform of the IMF's statutes is desirable,' Mr Sarkozy said in the televised address. He said the IMF should 'carry out surveillance' of international capital transactions - part of his strategy for ending what he sees as dangerous imbalances in the world financial system. 'My conviction is that the role of the IMF should be broadened, possibly by modifying its statutes,' he said. -- AFP